Coventry Poppy Online Saver (2)

claire07

Can't find this mentioned anywhere but the Coventry Poppy Saver (2) says in the T&Cs that you can only have one Poppy Saver at any time. On my initial one the bonus expires next June so I thought I'd open this one as well where the bonus expires next December.

After noticing this I've closed version 1 and moved the balance to version 2.

Don't know what the Coventry would do but just thought I'd mention this in case anyone else has both and hasn't realised.

buffman

I too thought of closing my Poppy Saver 1 to open a Poppy saver 2 for the same reason. However the t & C's say:-

'2. You may only ever open one Poppy Online Saver account, either solely or jointly. However many issues of the Poppy Online Saver account there may be, you cannot open more than one.'

I phoned up and was told that if I have opened a Poppy 1, I can never open a Poppy 2.

Brian_Bullocks

buffman wrote: »

I phoned up and was told that if I have opened a Poppy 1, I can never open a Poppy 2.

That's stupid, especially if you CLOSE the old account first.

andyt8

Brian_Bullocks wrote: »

That's stupid, especially if you CLOSE the old account first.

This is the way some institutions only give the best rates to new money and don't want money moving around inside the society - even if it goes out for a few days 'holiday' and then comes back.

The post office also have some restrictions on opening another one of their high interest online accounts - but I believe they do allow you to close and then open.

Thanks for pointing it out - maybe when they appear in the top 10 lists MSE should point out this restrictive clause.

P.S. Coventry also have a very long winded account opening process for new savers (and as we see you have to be a new saver). Send in documentation, wait for a form and fill in your initial password and return, then wait for a 'grid' card and your account details. Talking weeks here compared to those that can do it electronically and online.

alanq

POPPY ONLINE SAVER (2) paying 3.15% withdrawn w.e.f. 15.12.11

https://www.emoneyfacts.co.uk/news/savings-news.aspx?newsarticleid=211410

Tom_Pickering

alanq wrote: »

POPPY ONLINE SAVER (2) paying 3.15% withdrawn w.e.f. 15.12.11

https://www.emoneyfacts.co.uk/news/savings-news.aspx?newsarticleid=211410

What does that mean? There's going to be a Poppy 3 (higher rate)?

savetilibleed

andyt8 wrote: »

P.S. Coventry also have a very long winded account opening process for new savers (and as we see you have to be a new saver). Send in documentation, wait for a form and fill in your initial password and return, then wait for a 'grid' card and your account details. Talking weeks here compared to those that can do it electronically and online.

I always found Coventry to be very fast, even though the process is a little bit involved. They do their bit quickly and turn paperwork around sharpish. That said, my wife has two bonds with them and didn't have online access to them. She decided on a Poppy Online Saver (2) too so being a member she was quickly accepted without need for ID. Initial opening £1 was sent with the form and about three days the 'account open' letter and grid card arrived. It took longer for her username to arrive (which is unusual). She had previously set up security for phone access, so this could be used once the username arrived to sign on and see all her accounts.

BobQ

Coventry have a pathetic record on this issue. They put the same condition in their online saver series of accounts.

I have found that when you threaten to leave and have a moan about how disappointed you are with their commercialised approach (not like a real mutual) they make an exception and let you do it. Of course they may no longer care about losing customers in which case its best to move on to Norther Rock or whatever.

alanq

Tom_Pickering wrote: »

What does that mean? There's going to be a Poppy 3 (higher rate)?

Probably not until November 2012.

2010

Tom_Pickering wrote: »

What does that mean? There's going to be a Poppy 3 (higher rate)?

I would guess it`s the end of the poppy accounts for now but no doubt some other account paying around the same rate will replace it but called something else.

andyt8

2010 wrote: »

I would guess it`s the end of the poppy accounts for now but no doubt some other account paying around the same rate will replace it but called something else.

Yes they have a new issue of Online Saver paying 3.15 inc bonus for 1yr. However, remember Coventry's restrictive conditions that means you can never ever have another version of any account that you have had in the past (see earlier posts for a possible way around this).